Home Loan Calculators helps you to calculate your monthly payments according to the loan amount, interest rate, and the loan term. These calculators take the input and calculate the exact amount of EMI you will have to pay to the bank. However these calculators are popular on internet, you can also find some offline loan calculator applications.
There are different types of loan calculators online those give you the full detailed information about the whole loan process. Some of them give you yearly snaps according to given input by you. How much you will pay in this year, how much interest you will pay and remaining amount to be pay is also displayed in some calculators.
There are four types of calculations can be made with these calculators. The EMI Calculator – It takes the total loan amount, rate of interest, Loan term, any extra charges as input and calculates the monthly payment you will have to pay to the bank. Next type of calculator is Loan Amount Calculator – Loan amount calculator takes values of EMI, Interest Rate, Loan Term, and Extra Charges and calculates the loan amount. Similarly Loan term calculator calculates the total loan term by taking input of total loan amount, EMI, Interest Rate and Charges. If you want to know the interest rate of your loan then give input loan amount, EMI, Loan Term and charges in the Loan percent calculator, it will tell you how much interest you are paying to the lender.
You can also find online calculators to calculate specific type of interest. Like Fixed Rate interest calculators and Adjustable rate interest calculators. Fixed rate interest calculators are similar to the normal calculator. But the adjustable rate interest calculators are different because the interest rate changes time to time. This calculator takes the input as Loan amount, Interest Rate, Term, Maximum Interest Rate over term, Months when the first interest rate adjusted, number of months in between interest rate is adjusted, Interest Rate Adjustments then it will calculate all the EMI’s and shows you.
These calculators are designed to help you to calculate the interest and total payable amount to the bank. You just need to understand some simple terms before using loan calculators. Like interest rate, total loan amount, loan term, fixed interest rate terms, etc. Though these are basic terms everyone knows about it, but if you are not sure about these then you will find difficulty to use these calculators.